Please Advise what to do?

i dont think so tht he can  b a retailer ...n u cant include in tht,

let the experts comment...........

Dear Ankit,

1) You can prepare a Profit & Loss A/c and Balance Sheet and show PGBP (ie. Income from Business / Profession) and Rental Income. Yes you will have to quote the name and style of business used to carry on by your friend. 

2) Section 44AF is applicable only to retailers having gross turnover less than 40 lacs.

3) It is advisable to file the Income Tax Return by showing Business Income and Rental Income.

Regards,

Devendra Kulkarni

Hi,

Thanks for the advice ,but can i show as other from other sources & file the return.i mean to say i will declare rental income & i will show income from clothiing & file the return.if i do the same will they be any problem in the future.

Regards,

Ankit Kumar